Posted AT 6:00 AM EST on 17/07/08
Credit crisis: Smells like Norway in 1990
Here, in one number, is why the U.S. banking crisis has morphed into a wider economic malaise: 16 per cent.
That's roughly the real cost of getting a mortgage in the United States right now. No, it's not a typo. Your favourite TV anchor may tell you that Federal Reserve chairman Ben Bernanke did this or that with interest rates, but feel free to ignore it.
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